Dogecoin Price Falls 7% Amid Broader Crypto Market Decline
Dogecoin (DOGE) Price Decline
- Price dropped over 7%, falling below $0.19.
- Coincides with broader crypto market decline and US CPI data release on June 11.
- Odds of DOGE ETF approval by year-end estimated at 51%.
US CPI Impact
- May inflation rose to 2.4%, below the anticipated 2.5%.
- Core CPI at 2.8%, also under expectations of 2.9%.
- First increase in headline CPI since January 2025 may signal inflationary trend shifts.
- Market expects no Federal Reserve rate cuts next week; Jerome Powell's comments on June 18 are critical.
Trading Activity
- Daily DOGE trading volume decreased by 16% to $1.36 billion.
- DOGE futures open interest fell by 5.38% to $2.08 billion, indicating bearish sentiment.
- Key support level at $0.19 must be reclaimed to avoid a drop to $0.12.
Speculation on ETF Approval
- Increased speculation about a Dogecoin ETF with a 69% likelihood of SEC approval in 2025.
- Potential approval could attract institutional capital, impacting the market significantly.
- Integration with Coinbase's Base network enables wrapped DOGE in DeFi ecosystems, enhancing utility.
- Institutional investor accumulation observed, though retail traders remain cautious.